BluSmart Mobility, the trailblazing electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has secured an impressive $24 million in a recent equity funding round. The investment, marked by enthusiastic participation from existing investors, founders, and the leadership team, propels BluSmart’s mission to redefine urban mobility.
While the specifics of the investors involved in this funding round remain undisclosed, BluSmart boasts support from renowned backers such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.
This follows the company’s earlier achievement in May, where it successfully raised $42 million, with half of the funding contributed by its own leadership team. BluSmart’s cumulative funding now exceeds an impressive $133 million, including a significant $85 million secured in its Series A round across multiple tranches.
Anmol Singh Jaggi, the co-founder and CEO of BluSmart, expressed his gratitude for the overwhelming support, stating, “We will continue to expand our brand promise of zero ride denials, on-time service, and clean mobility to more geographies. The exceptional confidence our investors and leading Development Financial Institutions (DFIs) show in our mission is truly inspiring.”
Established in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart disrupts the duopoly of traditional ride-hailing giants by offering an all-electric, shared, and intelligent mobility platform encompassing ride-sharing, car-sharing, and scooter-sharing.
The company takes pride in operating a vast network of over 4,000 EV chargers distributed across 34 charging hubs. Currently servicing Delhi-NCR and Bengaluru, BluSmart has ambitious plans to double its EV fleet size to nearly 8,000 vehicles by the following year.
BluSmart’s commitment to sustainability is evident not only in its electric vehicle fleet but also in its impressive financial performance. The company reported surpassing the $50 million (Rs 400 crore approximately) annual revenue run-rate milestone, exhibiting a remarkable growth rate of over 100% year-on-year.
Despite the anticipation for BluSmart’s FY23 results, the company’s fiscal performance in FY22 demonstrated a staggering 222% increase, reaching Rs 29 crore in scale. Revenue sources diversify through ride-hailing services and charging facilities, solidifying BluSmart’s position as a key player in the burgeoning electric mobility landscape.
